With the holidays upon the Chicagoland area, many would-be buyers are evaluating their housing wish list. While there has been a slight slowdown in new listings hitting the market—par for the course around this time of year—demand remains high.
Seeing week-over-week gains, listings under contract continue to show increases over 2019 data. In the week of December 7, 2020, 2,890 Illinois properties went under contract, a 770-home increase over the same week in 2019.
Reports show that fewer homes are coming on the market as we head into the winter months, a seasonal ebb and flow that real estate professional expect as the holidays approach. Active listings have slowly dipped in the last few weeks, with 3.12% fewer listings on the market as of December 14 when compared to the prior 7-day period. New listings are maintaining their year-over-year growth, with a 7% increase from the same time last year.
Both the average and median sold prices have reached new highs in 2020, as compared to the previous year. Experts anticipate that 2021’s spring market—which traditionally begins just after the Super Bowl—will see even more potential buyers starting their home search. Lower inventory and historically low rates, which met new lows of 2.67% as of December 17*, will likely fuel more than a few bidding wars on Chicagoland homes.Sources: MRED, *Freddie Mac